Using Bitcoin for Gambling Online

Bitcoin is a new 'virtual' currency or “crypto-currency” that lets you buy goods online and gamble without the need to share sensitive card details.

When playing at a Bitcoin casino online, credit can be bought and sold, like a commodity, and because it is finite the value will keep going up. It's totally anonymous to use too, making it ideal for gamblers on the net.

Our casino online experts keep up to date with the latest gambling websites that accept this new currency. You can trade Bitcoins online, make money, and gamble in total safety. You are then free to win a big progressive jackpot while leaving the credit card safely in its wallet. Our expert reviewers currently think that the top place for Bitcoin gamblers to play is SlotsLV Casino, as it’s proven to be a reliable and trustworthy site, plus it also offers a fantastic welcome bonus to all new players.

How to Get Bitcoins Online

Bitcoins can be acquired in two ways online: either by buying them at an online 'exchange', or by mining them yourself. Bitcoin mining is performed by your computer solving complex algorithms. But with the value of this new currency going up regularly, it can be easier and quicker to just purchase Bitcoins online.

You don't have to buy a whole Bitcoin (at time of writing worth around $500). Instead, you can purchase fractions of Bitcoins called 'satoshis', and store them in an online wallet.

Then, when you're ready to make a deposit, simply head to the casino Cashier and select the Bitcoin option from the menu.

The deposit time typically takes 10 to 15 minutes before you can start playing. Withdrawals are also made almost immediately and transferred to your last reported Bitcoin address.

The Advantages and Disadvantages of Bitcoin

Bitcoin is completely safe and secure. In fact, they use military grade code that is hard to read by malicious malware or hackers. All you need to do is ensure that you follow the Bitcoin safety procedures and you are safe and secure.

Because you never use a credit card number, no one can collect your personal information or pretend to be you. You can take comfort in knowing that you can even deposit money or transfer money without ever revealing your identity.

Think of it as depositing real money or buying dinner with cash and never sharing your information. Autonomy is very valuable for some online casino players and poker enthusiasts. It may seem impossible, but another advantage is that in some cases there are low fees.

Understanding the Downsides of Bitcoin

The biggest disadvantage of Bitcoin is that this is so far ahead of its time that many people are reluctant to use this super-digital way to deposit and transfer money without a middleman, especially at a casino online.

Stories of servers being hacked for Bitcoins have hit the headlines too. Because there is no 'central bank' controlling the flow of currency, investors are still taking their security into their own hands. It's important, then, to find a casino online with top security so that your money is safe.

Transaction times are still fairly slow. Bitcoins are restricted to around seven transactions a second. In the real world, that can mean gamblers keen to hit the tables quick will be left waiting. If those limits can be increased, the currency's popularity can grow too.

Recently, Bitcoin enthusiasts have developed 'hacks' which have allowed more blocks of Bitcoin to be released quicker.

Payout Times

The deposit time typically takes 10 to 15 minutes before you can start playing. For some people, this may
seem like it is way too long. For others, it is a rather reasonable amount time to ensure privacy and
seamless play. Withdrawals are also made almost immediately and transferred to your last reported
Bitcoin address.

Frequently Asked Questions:

What is Bitcoin?

Bitcoin is the world’s most popular virtual currency. This means that, like standard currency, its value fluctuates against other currencies, however unlike other currencies, it does not have a physical form. In recent years it has become a trusted payment method, and has seen users reach the millions.

Are they accepted at online casinos?

They are only accepted at a few mainstream online casinos, however there are plenty of dedicated Bitcoin casinos out there. As the currency becomes more popular, expect more online casinos to beginning accepting it as a payment method.

What are the advantages?

The biggest advantage is the fact that Bitcoin has little to no fees attached to it, therefore making it one of the cheapest ways to send and receive money. What’s more, Bitcoin is extremely secure, as personal details are always hidden when transactions are processed. Finally, users can back-up and encrypt their currency, to ensure its safety.

Are there any disadvantages?

The biggest disadvantage is that Bitcoin isn’t accepted at the vast majority of mainstream casinos, which severely limits a player’s choice. What’s more, the value of Bitcoin can fluctuate wildly, so there’s no guarantee that your Bitcoins will hold their value into the future.

Where can I play with Bitcoin?

Perhaps the best known online casino that accepts Bitcoin as a payment method is Bovada. There are many other specialist Bitcoin casinos out there though, with some of the best including Bitstarz, Oshi and BitCasino. As the currency becomes more popular, it should be added to more sites though.

Bitcoin compares very well with all other depositing methods. Most transactions are instantaneous; there are little or no fees to pay for sending or receiving money; and it is also one of the most secure ways to pay. The fact that it isn’t accepted at most mainstream casinos gives some other payment methods an edge though.

How are winnings paid?

If you have deposited using Bitcoin, you’ll almost certainly have to withdraw using exactly the same method. This means that Bitcoins will be paid back to your Bitcoin wallet. The casino’s processing time can be instant, or it can take up to a couple of days.

Is it safe?

Yes, Bitcoin is completely safe to use – although the fact that it’s part of a new breed of currency means that some people don’t trust it yet. No personal information is ever shown during a transaction, and all transactions can be encrypted, ensuring that your money stays safe.

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Although it's not available at all online casinos, Bitcoin still represents an exciting new way to deposit cash in your gaming account. Check out our list of current gambling websites that accept Bitcoin. It could be the future of real-money gaming!